Daily Market Review – May, 16

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Gold Spot Price today increased to $1,236.20 (+0.26%) per ounce, Silver Price $16.80 (+0.35%), Platinum Price $943.50 (+0.81%), Palladium Price $803.30 (+0.45%), Dow Jones index 21007.75 (0.12% increase).

U.S. Dollar vs Precious metals

US dollar is tumbling on Tuesday morning, pressured by weak US data and the news that President Trump may have shared the sensitive information with Russians officials about Islamic State threat. Mr.Trump’s tweet reported on Tuesday morning: “As President, I wanted to share with Russia (at an openly scheduled W.H. meeting) which I have the absolute right to do, facts pertaining….to terrorism and airline flight safety. Humanitarian reasons, plus I want Russia to greatly step up their fight against ISIS & terrorism.” weighed down the greenback’s strength against a basket of six major currencies and added concerns to the US Dollar nearest forecast.

Gold price rose on Tuesday as the dollar became weaker and because of the slow economic activity in the United States recent reports.

Investors’ expectations of a US rate increase in June fell to 74 per cent compared to 84 per cent last week and provide a great prospective for gold price in the short-term forecast. Among the other precious metals: silver is up over $16.00 per ounce, platinum and palladium prices also climbed today.

Stock Market Today

U.S. stocks on Tuesday opened higher S&P 500 2404.28 (+0.08%) and NASDAQ Index 6157.57 (+0.13%), Dow Jones Industrial Average 21007.75 (+0.12%).

The main US Stock Market Indexes  started trading higher in early pre-market day. Data on housing starts for April and data on industrial production will be released today.  

Oil prices traded higher and gained over 3% after Saudi Arabia and Russia agreed to extend production cuts in 2018.

The market reaction to the latest news about shared sensitive intelligence obtained from a close meeting of President Trump with Russian foreign minister and an ambassador was muted. Analytics doubt this news just added lack of enthusiasm that the President will be able to deliver on plans to boost infrastructure spending and cut taxes.

Economic data for today: Housing Starts data, Industrial Production data, E-Commerce Retail Sales.

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